Business Law Challenge Quiz Flashcards Preview

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Flashcards in Business Law Challenge Quiz Deck (16):
1

When a mortgage is assumed, the buyer...

Becomes personally liable on the debt

2

When a mortgage is assumed the buyer, the seller...

Remains liable on debt

3

When a mortgage is assumed by buyer, the seller remains liable on the debt unless he is...

Released by the mortgage holder

4

In assumption of a mortgage the buyer becomes...

2) the seller has...

The principal debtor

2) rights and responsibilities of surety

5

When a buyer assumes a debt and he seller is not released by the mortgage holder, and the buyer defaults, the mortgagor may sue...

The buyer or the seller

6

Automatic perfection applies to purchase money security interests in...

Consumer goods

7

If collateral is consumer goods, the secured creditor who took possession of the collateral may sell the collateral at a private sale...

Without notice of other secured parties

8

A secured creditor who sells collateral in private sale must notify before sale...

2) unless collateral is...

The debtor

2) perishable or threatens to decline in value

9

The debtor may regain possession of property of an interim trustee if the debtor...

Files bond requested by the court

10

Unauthorized completion of an incomplete instrument and lack of delivery are...

Personal defenses

11

A holder in due course, takes an instrument free of...

Personal defenses

12

When a check is completed through the negligence of the drawer, the defense created on the instrument is the...

Personal defense of unauthorized completion

13

When a party sends an incomplete check to a seller, they are...

Negligent and it is a personal defense

14

Under a shipment contract covered by the Sales Article of the UCC, title and risk of loss for conforming goods pass to buyer when...

Seller delivers goods to carrier

15

Negligence of the manufacturer is not important in determining whether...

Manufacturer is strictly liable in tort for defective product

16

In addition to meeting registration requirements, any companies issuing common stock must...2

1 make filings in states with laws governing those offerings

2 obtain state approval

Decks in Yaeger REG Class (77):